Analysis of the Theory of Cycle of Money

This study investigates the Theory of Cycle of Money. The concept of this theory is based on the distribution of money in an economy and shows that it is plausible to have a positive effect on an economy by the appropriate public and tax policy (when is applied the cycle of money). The dynamic of each economy is represented by the concept of the cycle of money. The multiple times that money is used and reused to a country’s economy, without getting out to external economies and banking systems, clarifies the robustness of this economy. Therefore, to this analysis are determined the appropriate tax policies in connection with the savings of the companies of controlled (the companies of transfer pricing administrate their taxation with the allocation of profits and losses to maximize their benefits) and uncontrolled transactions (the companies are not participating in allocations to administrate their profits and losses). This theory is based on the approach that small and medium enterprises must have lower taxes than larger and international companies that substitute the activities of these companies. Moreover, the only large economic units that should have low taxes are the factories and know-how technological companies. In that way, a society could achieve its best well-being standards, as this is a theory that completely sought social welfare. This article aims to clarify the Theory of Cycle of Money and its importance for the robustness of the economy, and the prosperity of the society and citizens. The current study applies the Q.E. method and its econometric approach.

Gender, Education and Marital Status as Determinants of Job Satisfaction

The issue of job satisfaction has been discussed by the researchers and managers of organizations for several decades. There are many different approaches to the issue. Currently, it is possible to find the research dealing with psychological aspects determining the level of job satisfaction, the research analysing the role of satisfaction and work motivation and the research focused on the consequences of job satisfaction and dissatisfaction. This paper describes how the job satisfaction of employees differs (if so) depending on their gender, level of education and marital status. It was found that people with university education rate their job satisfaction better, than people without university education. Similarly, people in a relationship evaluate their job satisfaction better than people without a relationship. No significant differences in general job satisfaction were found between men and women. The data for the research are based on a questionnaire survey, attended by 4,728 respondents from the Czech Republic working in various industries and in the enterprises of various sizes.

Influence of Russian Sanctions on Agricultural Trade between Russia and the European Union

The European Union is Russia’s largest agricultural trading partner, and this cooperation has a long history. The imposition of sanctions on certain product groups in 2014 significantly affected trading relations. A gravity model helps us to understand and evaluate the characteristics of agricultural trade between countries. The aim of the research is to compare the agricultural trade flow between Russia and the European Union for the period 2000-2017, find some regularity, and estimate the influence of Russian sanctions using regression models for each European country and for particular types of agricultural products. The dataset sample consists of 12,096 observations and 29 countries. The gravity model of the dependence on Russia of imports and exports from each European country takes into account such variables as GDP (US dollar), distance (km) and dummies (a common border, common language, common history and seaport availability). The findings of the research are as follows: the classical gravity model is feasible for imports from Russia to EU countries. Thus, the smaller the distance between countries, the greater the trade flow between them, and the larger the GDP of both countries, the greater the trade flow between them. In addition, the gravity model is feasible not only for countries, but also for the particular group of products. The results of the cluster analysis show the impact of sanctions on each of 24 groups of products imported into Russia (not just those products that have been under Russian sanctions). It is possible to say that the impact of sanctions is deeper than previously thought.

Corporate Social Responsibility as a Source of Employees’ Job Satisfaction in the Hospitality Industry

The hospitality industry has been continuously struggling with high employee turnover and a significant “within” and “out of industry” labour mobility, regardless of the phase of the business cycle, time or geographical region. Additionally, as in any other service industry, employees’ performance is frequently the only way how to differentiate among otherwise almost identical outputs and the only way how to build and attain customers’ satisfaction, trust, and loyalty. Thus, employees’ motivation plays a significant role in stipulating hospitality industry employees’ work performance, where job satisfaction (JS) often plays a mediating role between employee’s needs and his or her ultimate work behaviour, such as work performance, organizational commitment or voluntary retention. Unfortunately, scholarly literature gives little room to Corporate Social Responsibility (CSR) functioning as a motivation factor in relation to employees. Therefore, the purpose of this paper is to fill in this gap and to examine the link between CSR and JS of hospitality industry employees using regression analysis. Drawing upon Carroll’s four-dimensional concept of CSR, the results of this paper indicate a significant positive causal relationship between the ethical, economic, and legal dimensions of CSR and JS; however, a significant positive causal relationship between philanthropic CSR dimension and JS was not confirmed.

Discussion of the Issue of Wolf Expansion with an Impact on Landscape Management and Farming

The coexistence of people and large carnivores, especially wolves, tend to have an adverse impact on regional sustainable development of ecosystems and rural areas, negatively influencing mainly traditional farming, sustainable tourism and other socioeconomic activities. Although the viewpoint on current situation is not quite clear from the conservative institutions’ perspective, an increase in compensations and support of protective measures results in expenditure displacement instead of proper problem solution. The same displacement logic applies not only to livestock grazing subsidies in the open landscape but also to subsidies determined exclusively for the protection of the predator itself, the wolf. The paper aims to address the key impacts on cultivated landscape caused by a progressive spreading of the predator, focusing on the comprehensive perception of the issue as a whole while also using farming examples to highlight the main issues of gradual wolf spreading in the cultivated area. The research is based on the authors’ monograph (2018) positively accepted by both politicians and specialists’ community which promotes basis for further discussion across other interrelated sectors.

The Efficacy of Counseling in Eradicating the Problems of Entreprenuership Education

Counselling has been identified as a key focus in addressing the mismatch between the needs of labour market and the products of the educational and training system. The objectives of the study are to examine the significant effect between Cognitive Behaviour Modification Strategies of counselling (CBMS) and awareness of Entrepreneurship education and also to investigate the effect of Counselling on Entrepreneurship Education. The Sample size consists of one hundred and sixty-five (165) employees out of the two hundred and eighty (280) employees of Centre for Entrepreneurship Studies Kwara State University Nigeria. Sample size was determined using Yard's formula. For this research, the quantitative research design was adopted. The instrument used for this research work was questionnaire. The instrument passed the following test of validity. These are: content test, criterion related test, construct test and discriminate validity. The data was analysed using manual and electronic based methods through the data preparation grid and statistical package for the social sciences, (SPSS). Linear regression analysis method and ANOVA was employed to test the hypothesis. The study found out that there was a significant effect between Counselling and Entrepreneurship Education and also CBMS significantly affects awareness of Entrepreneurship education. Based on the results of the study, the study recommends that Cognitive Behaviour Modification Strategies of counselling (CBMS) should be used to instil awareness of Entrepreneurship Education and Career counselling which emphasizes entrepreneurial should never be overlooked in any programme seeking solutions of entrepreneurship education. Suggestions for further studies and limitations of the research were also identified.

Evaluation of Tax Incomes of Municipalities in Conditions of the Slovak and Czech Republics

The basis of neoclassical theory of fiscal policy is the significant rationality of economic subjects. Rationality results from the ability of these entities to optimize their decisions within a long time horizon, taking into account the activities of other entities, for example Government. An important economic entity is also municipalities and cities as representatives of local self-government. In most countries, fiscal decentralization has taken place in relation to local self-government which aim was reducing the local government's dependence on the state's financial management. Nevertheless, the state's incomes are still identifying as an important part of local budgets. The objective of the contribution is to evaluate the tax incomes of municipalities on the basis of selected indicators in the conditions of the Slovak Republic and the Czech Republic in the period 2009 - 2016. The basis for the analysis was cumulative data from municipalities in the Slovak Republic (2 890 municipalities) and cumulative data from municipalities in the Czech Republic (6 271 municipalities) processed in MS Excel. The analysis showed that incomes from tax of personal income represent on average over the analysed period 70% on tax incomes for municipalities in the Slovak Republic and 22% on tax incomes of municipalities in the Czech Republic. Within the structure of the current incomes of municipalities in the Slovak and Czech Republic, tax incomes represent an important component. At the level of municipalities in the Slovak Republic tax incomes represent on average over the analysed period 53% on total current incomes of municipalities and in municipalities in the Czech Republic tax incomes represent 52% on total current incomes of municipalities. Within the analysed period, we register a faster increase of the total current incomes in the municipalities in the Slovak Republic in comparison with the municipalities of the Czech Republic.

Research & development and regional smart specialisation: do they matter for productivity?

Research and development activities within the region are often seen as a key driving force of innovation performance. This is further important for productivity growth and economic growth of the region. These issues are part of European Union strategy for regional development called Smart Specialization. Higher education institutions play important role in the support of innovation in the region via their own research activities, knowledge creation and dissemination and improvement of the human capital in the region. The main aim of our research is to test potential link between intensity of research & development as well as specialization of the region and labour productivity in the region. In our research we compared NUTS 2 regions in the Czech Republic and Slovakia based on the selected indicators related to research and development. We used factor analysis and regression analysis based on the cross-sectional data for all NUTS 2 regions in the EU. Our results strongly suggest that focus on research & development activities is positively correlated with higher labour productivity in the region. Higher number of scientific publications and patents is also positively linked to higher productivity in the region. The same seems to be true for higher share of tertiary educated inhabitants.

The Influence of Oil Price Volatility on Selected Macroeconomic Variables in Nigeria

The paper analyses the influence of oil price volatility on Exchange Rate Variability, External Reserves, Government Expenditure and real Gross Domestic Product using the methodology of Vector Auto-Regressive (VAR) to carry out regression analysis, impulse response function and factor error variance decomposition for robust policy recommendations. The results of the research show that unstable oil price exerts varying degrees of deleterious effect on exchange rate variability, external reserves, Government expenditure and real gross domestic product (GDP). Based on the findings of the study, we recommend the need for the country to branch out its revenue sources. This will further shield the dangle effect of the fluctuation in prices of oil. Serious policy attention should be attached to agricultural reformation, industrial policy drives, mines and mineral development to diversify Nigeria’s economy following the downward slide in the oscillations in oil prices to address the problem of excessive dependence on crude oil exportation. This will help to achieve sustainable growth and development in Nigeria.

Economic and environmental linear optimization model of crop production in selected regions of Slovakia

For the agricultural industry in Slovakia, the dominating sector is crop production. The major part of arable land is devoted to the cultivation of cereals (57%), feed crops (20%) and industry crops (19%).The aim of this paper is to model the distribution of crop management practices in selected regions of Slovakia and identify the net return for four selected crops in these regions. We use integrated modelling framework which incorporates bio-physical and economic data to identify opportunity costs of agricultural production choices. We delineate homogenous response units (HRU) and aggregate them on regional level as the model is constrained by land endowment in particular region. The results suggest that highest yields and thus high returns are achieved in case of management practice with high nitrogen input and irrigation. The high input management causes environmental pressures on soils, therefore its enforcement in regions is not desirable. The solution might appear in policy premiums for low input management practices.